Financial Audit

According to the requirements of Securities and Exchange Commission, the companies, which are relatively small-scale with capital more than 50,000 pesos, are necessary to receive the financial audit of independent accountant. Furthermore, according to the regulations of Tax Act, the companies, which the sales of four quarters more than 150,000 pesos should attach the audited financial statements when submit the tax declaration.

The conditions of auditors:

Independent accountants should conduct financial auditors. In order to be the certified public accountants in Philippines, the persons should pass the examinations and have at least three years of work experience.

The standards of financial audit are the Philippines Standard on Auditing. The followings are some parts of present title of PSA.